Tuesday, October 28, 2008

In the NewsA Reuters news report about a little company called Canon."Canon Inc. posted a 26-percent fall in quarterly operating profit and cut its outlook to below market expectations after the global slowdown sent the yen higher and hit demand for copiers and digital cameras. Operating profit at Canon came in at $1.77-billion dollars CDN in July, down from $2.35-billion CDN a year earlier. For calendar 2008, Canon cut its operating profit forecast by 25 per cent to $7.94-billion CDN."Canon closed Tuesday October 28, 2008 on NYSE at $28.43 U.S. up $4.39 U.S. on the day.How will they ever live with only $7.94-billion CDN for one year? Many people do not realize just how big a company Canon is. Canon employs over 127,000 people. Last year their sales of Digital Cameras out sold ALL other brands combined. Yet, their camera sales only account for a small percentage of the companies total revenues.

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